Tribe Property Technologies Inc (CVE:TRBE) has announced a joint campaign with leading Canadian insurance provider Apollo Insurance Solutions Ltd to digitize insurance access for condominium owners, renters, landlords and developers across Canada.
The partnership will address the gaps in insurance coverage that leave Canadians vulnerable to significant financial loss.
"This agreement with APOLLO is just the first step under our Digital Services & Partnerships revenue pillar,” Tribe CEO Joseph Nakhla said. “We will continue to layer on services to drive revenue for Tribe, and bring convenience and savings for our users, with the goal of being able to offer a one-stop-shop to our development partners and the over 100,000 residents in Tribe-managed communities.”
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According to Tribe, surveys have found that of the around 4.5 million Canadian households that rent, nearly half do not have the protection of a tenant insurance policy. That leaves those individuals, their families, and the landlords they rent from, vulnerable to risks such as fire and water damage — even if they themselves are not responsible for the damage.
It said the campaign with APOLLO would make insurance access easier and faster for owners while improving the coverage and protection of condominium and rental buildings.
APOLLO uses technology as a conduit between insurance brokers, carriers, and their mutual clients, offering insurance options from multiple companies on one integrated online platform.
Tribe said a direct connection to APOLLO's insurance technology from both its strata and condo management platform and rental software, would allow for increased education and awareness for owners into insurance risks and options.
It also includes future ability for notifications if a tenant cancels policy mid-term while offering protection from potential strata/condo corporation deductibles that owners or tenants could be subject to.
"We like that Tribe is taking a fresh approach to condo living and building smart homes through tech-enabled service, and an integration with their Community Platform supports our goals of making insurance more accessible and supporting the needs of communities," APOLLO CEO Jeff McCann said.
Tribe is a property technology company that is disrupting the traditional property management industry. As a rapidly growing tech-forward property management company, Tribe’s integrated service-technology delivery model serves the needs of a much wider variety of stakeholders than traditional service providers.
The company said the digitization of condo owner, tenant and building insurance in its communities supported its journey to simplify residential community living by providing the most comprehensive suite of products and services for building, managing, and living in condominiums, while delivering revenue-generating services.
Contact the author: stephen.gunnion@proactiveinvestors.com